What is sofias self-employment tax liability

Assignment Help Accounting Basics

Reference no: EM133415806

Question: Sofia (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sofia does not work for Beehive. Beehive LLC reported $600,000 of taxable business income for the year (2022). Before considering her 50 percent business income allocation from Beehive and the self-employment tax deduction (if any), Sofia's adjusted gross income is $150,000 (all employee salary). Sofia has $35,000 in itemized deductions. What is Sofia's self-employment tax liability?

Reference no: EM133415806

Questions Cloud

Determine how much goodwill that would be allocated : Determine how much goodwill that would be allocated between the controlling and non-controlling interest

How your team or project will achieve the stated project : how your team/project will achieve the stated project objectives better than any other option. The Business Case is your chance to fight for funding for your

Explain espective percentages that make up a credit score : List and explain the five categories and the respective percentages that make up a credit score?

Select the human resource management standardization : You are Lynne Harris, and you are leading one of the three projects identified in the Case Study referred to above. Select the Human Resource Management (HRM)

What is sofias self-employment tax liability : Sofia has $35,000 in itemized deductions. What is Sofias self-employment tax liability

What are long-term amounts should you have in savings : According to the Lesson Materials, and reviewing your family's income, what are the short-term, medium-term, and long-term amounts should you have in savings?

Define the worst professional stadium in north america : Case Description The City of Toronto has progressed on so many fronts since the October 2019 municipal election saw a liberal-minded mayor elected to office.

What is the breach you researched : What is the breach you researched? Describe it and include what caused the leak or breach, what the penalties were, and how the facility repaired the damage

Key legal feature of company as a business form : Explain the key legal feature of company as a business form with reference to relevant case law.

User Account

All Pages